OMG: The PM's announced that Rs 500 and Rs 1000 notes will no longer be valid.

Taking the nation by surprise, Prime Minister Narendra Modi tonight announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

In his first televised address to the nation, Modi said people holding notes of Rs 500 and Rs 1000 can deposit the same in their bank and post office accounts from November 10 till December 30. (In his 40-minute address, first in Hindi and later in English, the Prime Minister said the notes of Rs 500 and Rs 1000 "will not be legal tender from midnight tonight" and these will be "just worthless piece of paper." However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid.This fight against black He also announced that new notes of Rs 2000 and Rs 500 will be introduced. ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.Banks will remain closed tomorrow and ATMs will also not function tomorrow and day after, Modi said.day after, Modi said.He expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time.He also expressed confidence that political parties, workers, social organisations and the media will go further than the government in making it a success.Read the complete report here.

The PM had met the services chiefs at his residence earlier this afternoon to review the security measures, particularly in light of recently violations of the ceasefire along the border